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One of the world's largest palm oil companies, growing, milling and refining palm oil in Indonesia with downstream consumer products.
One of the world's largest palm oil companies, growing, milling and refining palm oil in Indonesia with downstream consumer products.
Sells crude and refined palm oil at world market prices, so profit follows the palm price, harvest yield and Indonesian export levies; blending mandates for palm-based biodiesel in Indonesia support local demand. The Widjaja family's Sinar Mas group is the controlling shareholder.
In one line: One of the world's largest palm oil plantation and refining companies.
Moat: narrow (scale, installed base). Large vertically integrated plantation-to-refinery scale in Indonesia, part of the Sinar Mas conglomerate.
Headquarters: Singapore · Founded: 1996 · Employees: 99,000
Size Golden Agri-Resources (E5H.SI) is a Singapore Consumer Staples company (Agricultural Commodities/Milling) with a market value of $2.68B, the 40th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$0.27 on 6 Nov 2026.
Performance Over six months the shares fell 18.2%, against -6.4% for the median peer and -1.2% for the Singapore market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +7.0%); the operating margin is 6.4% (peer median 5.0%).
Valuation It trades at 4.2× forward earnings against a peer median of 18.3× (cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -14% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$17.2B | S$16.9B | S$14.6B | S$13.1B | S$15.8B |
| Revenue growth | — | +16% | +11% | -17% | — |
| Gross profit | S$2.65B | S$2.43B | S$2.69B | S$2.43B | S$4.12B |
| EBITDA | S$1.57B | S$1.52B | S$1.29B | S$1.14B | S$2.56B |
| Net income | S$523M | S$523M | S$487M | S$265M | S$1.08B |
| Free cash flow | S$317M | S$994M | -S$537M | S$326M | S$1.23B |
| Capital expenditure | S$589M | S$569M | S$440M | S$425M | S$275M |
| Total debt | n/a | S$4.18B | S$5.06B | S$4.04B | S$4.01B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Golden Agri-Resources E5H.SI | $2.68B | -18% | +9% | 6% | 4.2× | -13.7% |
| Wilmar International F34.SI | $14.5B | -19% | +6% | 3% | 10.2× | n/a |
| First Resources Ltd. (Singapore) EB5.SI | $3.27B | -26% | +51% | 30% | 7.6× | -7.1% |
| Bumitama Agri P8Z.SI | $1.87B | -25% | +9% | 25% | 9.0× | -15.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | E5H.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.3% | +0.6% | 3rd lowest of 21 |
| 6-month return | -18.2% | -6.4% | 7th lowest of 21 |
| Distance from 52-week high | -22.9% | -24.2% | 10th highest of 21 |
| Revenue growth (TTM) | +9.0% | +7.0% | 10th highest of 21 |
| Operating margin | 6.4% | 5.0% | 10th highest of 21 |
| Forward P/E | 4.2× | 18.3× | cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -13.7% | 2.1% | 2nd least demanding of 14 |
| Growth delivered (Del g) | +11.6% | +9.9% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | -25.3 pp | -8.9 pp | 3rd least demanding of 14 |
| ROIC minus cost of capital | +3.3 pp | -0.0 pp | 6th highest of 21 |
| EV / EBITDA | 4.4× | 10.4× | cheapest of 14 |
| Net debt / EBITDA | 1.9× | 0.9× | 7th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Golden Agri-Resources E5H.SI | Singapore | $2.68B | -18% | +9% | 6% | 4.2× | -13.7% | +11.6% |
| Yunnan Shennong Agricultural Industry 605296.SS | China | $2.60B | +10% | +2% | -19% | n/a | n/a | n/a |
| Curaleaf CURA.TO | Canada | $2.50B | -18% | +5% | 1% | n/a | n/a | n/a |
| Schouw & SCHO.CO | Denmark | $2.90B | +30% | -1% | 4% | 15.1× | -3.3% | +9.9% |
| Fuji Oil 2607.T | Japan | $2.46B | +36% | +10% | 5% | 15.2× | 0.9% | +16.2% |
| Jiangsu Lihua Animal Husbandry 300761.SZ | China | $2.94B | +2% | +7% | 3% | 29.1× | 4.0% | +16.8% |
| Cal-Maine Foods CALM | United States | $3.02B | -15% | -43% | 1% | n/a | n/a | n/a |
| Ebro Foods EBRO.MC | Spain | $3.12B | +1% | -4% | 10% | 13.2× | -7.7% | +4.4% |
| AWL Agri Business AWL.NS | India | $2.30B | -21% | +18% | 2% | 17.6× | 13.4% | +15.0% |
| B.F BFG.MI | Italy | $2.29B | +56% | +30% | -2% | 84.3× | n/a | n/a |
| Trulieve Cannabis TRLV | United States | $2.23B | +31% | -4% | 14% | 31.1× | 13.5% | +17.8% |
| First Resources Ltd. (Singapore) EB5.SI | Singapore | $3.27B | -26% | +51% | 30% | 7.6× | -7.1% | +19.0% |
| Fujian Sunner Development 002299.SZ | China | $3.28B | -7% | +13% | 5% | 19.1× | -1.0% | +7.9% |
| Guangxi Yuegui Guangye 000833.SZ | China | $2.19B | -46% | +67% | 30% | 9.6× | 2.1% | -0.9% |
| Seaboard SEB | United States | $3.38B | -22% | +7% | 3% | n/a | n/a | n/a |
| Lien Hwa Industrial 1229.TW | Taiwan | $2.12B | -6% | -3% | 9% | n/a | 21.5% | +7.3% |
| Godrej Industries GODREJIND.NS | India | $3.41B | -22% | +17% | 8% | n/a | n/a | n/a |
| Nichirei 2871.T | Japan | $3.42B | +13% | +10% | 5% | 24.2× | 2.4% | +4.6% |
| Genus GNS.L | United Kingdom | $2.07B | +5% | -2% | 13% | 23.0× | 17.9% | +2.8% |
| Heilongjiang Agriculture 600598.SS | China | $3.66B | -18% | -12% | 24% | 59.7× | n/a | n/a |
| Bumitama Agri P8Z.SI | Singapore | $1.87B | -25% | +9% | 25% | 9.0× | -15.2% | +12.9% |